On August 21, the State Securities Commission of Vietnam (SSC) issued a decision to sanction Ms. Tran Thi Thu for violations of regulations on public offering registration and ownership reporting. The total fine imposed on Ms. Thu amounts to VND 200,000,000.
According to the decision, Ms. Thu was fined VND 137,500,000 for failing to register a public offering as required by law. On November 5, 2021, Ms. Thu purchased 25,200 TTZ shares of Tien Trung Investment, Construction, and Technology Joint Stock Company, bringing the total number of voting shares owned by her and her husband, Mr. Huynh Van Quang, to 1,912,600 TTZ shares, or 25.26%.
On March 15, 2022, Ms. Thu purchased an additional 17,400 TTZ shares, resulting in a total of 1,901,700 TTZ shares owned by her and her related person (her husband) which accounted for 25.1% of the total voting shares of TTZ. However, Ms. Thu failed to register a public offering with the SSC for these transactions.
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Additionally, Ms. Thu was fined VND 30,000,000 for late reporting of ownership when holding 5% or more of the voting shares of a public company. Specifically, on May 21, 2021, Ms. Thu purchased 54,900 TTZ shares, increasing her post-transaction holding from 365,200 shares (4.82%) to 420,100 shares (5.55%), thus becoming a major shareholder of TTZ. However, the Hanoi Stock Exchange only received her report of becoming a major shareholder on June 18, 2021.
The SSC also imposed a fine of VND 32,500,000 for failing to report changes in ownership thresholds. Between May 25, 2021, and November 4, 2022, Ms. Thu’s continuous buying and selling of TTZ shares caused her ownership to cross the 1% threshold, but she failed to report or reported late to the Hanoi Stock Exchange.
The total fine imposed on Ms. Thu amounts to VND 200,000,000. She is also required to divest her shares obtained through the violations and reduce her ownership below the level requiring a public offering within a maximum of six months from the effective date of the decision, which is August 21.
Furthermore, Ms. Thu is forced to relinquish her voting rights, directly or through an authorized representative, on the shares obtained through the violations. The SSC’s decision comes into force from the signing date, which is August 21.
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